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Company Presentations Related to Offshore Wind and Carbon Capture Spin-Offs

Reference is made to the release on July 17, 2020, where Aker Solutions announced its intention to spin off the company’s offshore wind development and carbon capture businesses into two separate companies. The two companies, Aker Offshore Wind Holding AS and Aker Carbon Capture AS, are intended to be listed on Merkur Market operated by the Oslo Stock Exchange, following private placement processes to secure funding for future operations. Carnegie AS and Skandinaviska Enskilda Banken AB (publ) have been appointed as financial advisors for the process. In preparation for these ...

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Sumitomo Heavy Industries has been Granted an “Approval in Principle” for a Medium-Size High-Pressure LNG Dual-Fueled Tanker

On July 9, 2020, Sumitomo Heavy Industries Marine & Engineering Co., Ltd. (President: Hideshi Shimamoto; a wholly-owned subsidiary of Sumitomo Heavy Industries, Ltd.) was granted an “Approval in Principle” (AiP) from Lloyd’s Register Group Limited for a medium-size tanker equipped with a high-pressure LNG dual-fuel system. This tanker is equipped with an LNG dual-fuel system and large-capacity LNG tank. The vessel can substantially reduce the amount of sulfur oxide (SOx), nitrogen oxide (NOx) and carbon dioxide (CO2) contained in the engine exhaust gas by using LNG as primary fuel. LNG ...

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The world’s largest newly built wooden cargo ship

The next phase of the construction of Ceiba is about to begin. After two years of shipyard construction at SAILCARGO INC., including a year of structural framing, the 3-masted, 45m wooden cargo schooner known as Ceiba is about to enter a new phase of construction. The next stage will be to install the hull, or exterior surface, of the ship. Everyday, construction teams are adapting to new roles as they switch from raising the skeleton of the ship, to planking its hull with long wooden timbers. Pat Woodland, Shipwright and ...

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Federal Board of Revenue has reversed the tax discounts available to ship recyclers

In the 24th Week of 2020 (8th to 15th June) we shared insights about the new tax structure in Pakistan that could boost the ship recycling sector and the traders working in the iron and steel industry. The points that we covered were as below:- 1. The financial budget for the year 2020-2021 has been announced. In the last 68 years, the economy has shrunken for its first time. 2. About 2% reduction will be granted in Additional custom. 3. Advance income tax is reduced from 4.5% to 2% (discount ...

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Delivery of the fourth CLEANBU vessel

On the 4th of August, Klaveness Combination Carriers ASA (“KCC”) took delivery of the MV Baleen from New Yangzi Shipyard in China. The MV Baleen is the fourth of in total eight contracted CLEANBU combination carriers. The CLEANBUs are unique vessels both in terms of design, their unprecedented environmental performance, operational and technical efficiency. These vessels have up to 40% lower CO2 emissions per ton mile transported cargo compared to standard vessels, in line with IMO’s 2030 targets for shipping. With the delivery of the MV Baleen, Klaveness Combination Carriers ...

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MHI-MME Receives Generator Turbine and VOC firing Auxiliary Boiler Orders for Shuttle Tankers

Mitsubishi Heavy Industries Marine Machinery & Equipment Co., Ltd. (MHIMME) received orders for generator turbines and VOC-firing auxiliary boilers from Daewoo Shipbuilding & Marine Engineering Co., Ltd. in Korea. These will be installed in two 124,000 DWT LNG shuttle tankers (Ship No. H.5482/H.5483) for Knutsen NYK Offshore Tankers※1. Both turbines and boilers are scheduled for delivery to DSME in middle of 2021. These vessels will be shuttle run between the North Sea and the Barents Sea for transport crude oil. The purpose of installing turbine and boiler is to use ...

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The evolution of bollard pull (and the benefits it has brought)

In the world of tugs, the most commonly used measure of power is bollard pull. Simply put, bollard pull is the pulling power of a tug, typically measured by the force exerted on a shore-located bollard. “This is the static bollard pull, with a vessel speed of zero knots,” explains André de Bie, Damen Senior Design & Proposal Engineer Tugs. “But of course the situation at sea or in a port is, in general, never static and the speed is almost never zero. This is a dynamic situation and can’t ...

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Ship recycling in Bangladesh leaps forward with third phase of key project signed

The third phase of an IMO-implemented project to enhance safe and environmentally sound ship recycling in Bangladesh has been given the go-ahead, with Norway committing approximately US$1.5 million (14 million Norwegian Kroner) to support improved ship recycling in Bangladesh. The agreement between IMO and the Government of Norway to support Phase III of the project on Safe and Environmentally Sound Ship Recycling in Bangladesh (SENSREC) was signed on 24 July 2020. This will pave the way for Bangladesh to move forward on its path towards becoming a party to the ...

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Mitsui E&S and Tsuneishi to operate jointly in shipbuilding

Japanese shipbuilder Mitsui E&S Holdings is in discussions with compatriot Tsuneishi Holdings to form a shipbuilding tie-up, at a time when the domestic industry is struggling to compete with Chinese and South Korean rivals. The two companies announced on Friday an agreement to start discussions. Under the plan, Tsuneishi will acquire a minority stake in Mitsui E&S Shipbuilding, a wholly owned subsidiary of Mitsui E&S. The two sides expect to reach an agreement by yearend, with details such as investment ratios to be ironed out later. Combined, Mitsui E&S and ...

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GTT: H1 2020 results – Revenue and earnings up sharply; annual targets confirmed

Revenue and earnings up sharply; annual targets confirmed. Key figures for the first half of 2020 Revenue: €203.8 million (+66.2%) and EBITDA: €136.6 million (+92.7%) 18 orders (12 LNG carriers, 2 FSUs, 1 FSRU, 3 onshore storage tanks) Interim dividend payment of €2.50 per share Highlights Orders that span the entire value chain New service provision agreements Sustained patenting effort Continued targeted acquisitions Outlook for 2020 Confirmation of 2020 targets, in terms of revenue, EBITDA and dividend Paris – July 29, 2020. Gaztransport & Technigaz (GTT), an engineering and technology ...

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Damen signs contract with Port of Antwerp for delivery of two IMO Tier III compliant RSD Tug 2513

On 8th of July, Damen Shipyards Group was awarded a contract by the Port of Antwerp to deliver two RSD Tugs 2513 after an intensive tender process. After a legal stand-still period of fifteen days, the award became final. The vessels are part of Damen’s Next Generation Tugs series and are built with the latest technologies in regards to safety, sustainability, efficiency and reliability. The Next Generation Tugs combine elements of Damen’s proven track record in tugs with state-of-the-art innovations leading towards a most efficient vessel; the RSD Tug 2513 ...

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HHI hit with big FTC fine for tricking piston supplier

Hyundai Heavy Industries (HHI) was hit with a 970-million-won ($807,000) fine for transferring information from one supplier to another in order to create competition for a component and drive down costs, the Fair Trade Commission (FTC) said. According to the commission, the shipbuilder compelled the maker of a piston to turn over information about the product and then transferred that information to another company. With that information, the second company was able to make the component. HHI was then able to negotiate a better price from the first company and ...

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Shipyards’ Rebound Hopes Are Coming Up Empty

Shipbuilding demand is sinking, and there’s no rescue on the horizon. Orders for new oceangoing ships are at record lows as carriers sit on the sidelines amid clouds of uncertainty. The blow to the global trading economy from the coronavirus pandemic has left cargo carriers’ demand forecasts in tatters. Perhaps more important, there’s no consensus on what kind of fuels a new generation of environmentally friendly ships would use in the coming years. Operators need to order new ships to comply with an industry target to cut greenhouse-gas emissions by ...

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Think tank calls for State support for PH domestic shipbuilding industry

A policy think tank has called on the Philippine government to support the Philippine domestic shipbuilding industry, saying that it is the necessary first step for the establishment of a strong maritime defense capability. Michael Eric Castillo, President and Chief Executive Officer of Caps and Partners, Inc. (CAPS) noted that countries with strong maritime defense are the same countries with the well-developed domestic shipbuilding industry, among them China, Japan, South, Korea, and the United States. “Absent a developed and advanced domestic shipbuilding industry, the country’s maritime defense capability will remain ...

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Keppel Expects Hit from COVID-19

Keppel Corporation Limited (the “Company”, together with its subsidiaries, the “Group”) wishes to provide the following updates and profit guidance for the unaudited consolidated financial results for the second quarter (“2Q 2020”) and the half year (“1H 2020”) ended 30 June 2020. The COVID-19 pandemic has severely impacted the global economy and brought about significant market volatility and uncertainty, including a sharp reduction in global demand for oil and in oil prices. As these events and conditions have significant financial reporting implications, ACRA published a financial reporting practice guidance in ...

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